By Josh Beckerman

Corbus Pharmaceuticals reached a two-year high Monday after the company reported favorable results for oncology drug SYS6002 (CRB-701) from a study by Chinese partner CSPC Pharmaceutical Group.

The stock was recently at $48.01, up 12%. Its intraday high was $50.48.

The Phase 1 study is evaluating safety and tolerability in patients with advanced solid tumors who have failed or were intolerant to standard treatment. Corbus said the results increase its confidence that CRB-701 is clinically active and called emerging safety data reassuring, with low rates of skin rash and peripheral neuropathy and very few grade 3 adverse events.

Corbus said a corresponding U.S. clinical study is expected to be on schedule for completion in the fourth quarter.

RBC Capital Markets said the data confirms the drug's activity and "further elucidates" its safety profile and potential differentiation, while Oppenheimer said the drug "continues to appear positively differentiated from competitors." Oppenheimer raised its price target to $80 from $60.

Write to Josh Beckerman at josh.beckerman@wsj.com


(END) Dow Jones Newswires

06-03-24 1326ET